Charles Hoskinson believes Algorand is the ‘real competition’ for Cardano
Algorand, a new blockchain and cryptocurrency built for business, was recently in the news after it raised $62 million in funding from an investment group. The blockchain protocol was founded by MIT professor and Turing Award winner Silvio Micali. In response to this development, Cardano founder Charles Hoskinson stated that the new blockchain was “real competition” for Cardano.
Congratulations Silvio, we finally have some real competition https://t.co/fI3FzcwIL3
— Charles Hoskinson (@IOHK_Charles) October 24, 2018
“The $62M comes from a broad global investment group representing the venture capital, cryptocurrency, and financial services communities,” according to an official statement on Wednesday.
It is to be noted that both Algorand and Cardano hope to solve scalability issues by using cryptocurrencies that carry out transactions and micro-transactions using proof-of-stake protocols. Moreover, both companies say that they have technology, which solves the “blockchain trilemma” that is, optimises decentralization, security and scalability.
“We have been developing Algorand as a technology for several years with the ultimate goal of creating a business-ready protocol for a truly global and decentralized economy,” Micali explained.
The company also hired two former senior executives from technology firms to lead operations. Steve Kokinos, former co-founder of Boston-based cloud service firm Fuze, will be joining as the company’s CEO. W. Sean Ford, former CMO of software provider LogMeIn, will join as Algorand’s chief operating officer.
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Author: Pinaz Kazi